This article from Wolters Kluwer provides a good primer on some of the issues that trusts face under the new Corporate Transparency Act.
Trusts, if they are created from a state filing, can be reporting entities under the CTA. They also can be beneficial owners of entities with reporting obligations.
If a trust is either a reporting entity or a beneficial owner, then you need to determine who is the person or people who are the trust's beneficial owners.
In the case of trusts, there are two issues of concern. First, is the trust a reporting company – meaning it must file a BOI report. Second, if the trust owns or controls a reporting company, who are the reporting company's beneficial owners.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
